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Interest rates are being slashed left, right and centre with three of the four big banks announcing rate cuts, and now, a non-bank and mortgage manager have both followed suit.

Homeloans Ltd has cut the fixed interest rate on its MoniPower three year fixed loan from 5.27% to 4.86% - making another interest rate cut to under 5%.

Homeloans has acknowledged the competitive behaviour of the big banks this week, saying they too can be competitive.

“While the Big Four are busy slashing fixed interest rates to wrest market share from each other, we’re more focused on providing a holistic solution for our customers,” says Homeloans’ CEO, Scott McWilliam.

“So while our customers can lock in at historically low rates, providing them with certainty and peace of mind, they’re also getting a loan that provides them with flexibility.” He said.

Other features announced include a 100% offset account, the ability to make additional repayments of up to $20,000 per annum and no monthly or annual fees.

Mortgage House has also announced cuts to its five year fixed rate. The company said its five year fixed rate would be slashed to 4.97% and will be available immediately.

“We are delighted to announce that Mortgage House has the lowest rate on the market for the 5 Year Fixed Home Loan. This only backs up our promise that our interest rates will always be up to half a percent lower than the big banks. We are passionate about saving our clients as much money as possible and this offer is a great example of our commitment. We give you the lowest rate possible. In fact, we challenge you to ring your bank right now and demand 4.97% on your home mortgage with no annual package or rate lock fees. They won’t do it.” Mortgage House managing director Sarah Roberts said.